WeWork warns there's 'substantial doubt' about its ability to stay in business

NEW YORK (AP) — WeWork is warning there’s “substantial doubt” about its ability to stay in business over the next year because of its financial losses and its need for cash, among other factors.

The New York-based workspace-sharing company said Tuesday that its ability to stay in operation is contingent upon improving its liquidity and profitability over the next 12 months.

WeWork went public in October 2021 after a spectacular collapse during its first attempt to do so two years earlier — which led to the ousting of its CEO and founder, Adam Neumann. The company was valued at $47 billion at one point, before investors started to drop off due to Neumann’s erratic behavior and exorbitant spending. ...............(more)

https://apnews.com/article/wework-going-concern-business-bankruptcy-fab748e577c67ab3593488da57ac0c67